Dilapidated Stanmore house sells for $1.4 million

1 of 12Attribution: realestate.com.au

The Sydney property market often leaves potential buyers befuddled – you wanted how much for where – but the sale of a dilapidated Stanmore house, complete with mouldy ceilings and broken floorboards, has left some scratching their heads.

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2 of 12Attribution: realestate.com.au

Despite the four-bedroom terrace’s state of almost-total disrepair, a buyer purchased the property on April 16 for $1,410,000; it was last sold in 1997 for $312,000.

“Stop eating avocado toast and you too can purchase this bomb site of a house in Stanmore for $1.4 MILLION.

“What the – ?”

5 of 12Attribution: realestate.com.au

“Renovators will delight in the chance to transform this untouched classic terrace,” read the optimistic listing.

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The auction on April 14 drew substantial interest, with 10 parties formally registering to bid.

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Chris Nunn of BresicWhitney Glebe told Homes a builder walked away with the auction win, and has plans to restore the terrace to its former glory.

“And then some!” he added.

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Nunn said he thought the state of the home’s interior was an exaggeration, particularly given its relatively neat façade, but upon entering the property for the first time, realised it’s dilapidated state was no lie.

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“It really was something else,” he said.

“But when you’re honest with people and tell it like it is, we find they’re more likely to engage – particularly with those who come from a tradesperson background.”

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The owner, who Nunn says was no longer mobile enough to take care of the property, was overwhelmed and pleased with the sale.

“He was crying at the auction.

“He’s an older gentleman and this house is all he had.”

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The sale in Stanmore – which has a suburb median price of $1.75 million – cements the inner west’s astronomical rise over recent years.